News

MANILA BULLETIN: First Gen income up 38% to USD162.8M in first 9 months

November 19, 2014

The company, in a press statement, has explained that the higher earnings from its Sta. Rita and San Lorenzo gas plants partly pulled up bottom line figure, in addition to the favorable financial performance of subsidiary Energy Development Corporation.

But it noted that what could have been a heftier outcome “was partially offset by lower earnings contribution from First Gen Hydro Corporation due to lower water levels.”

First Gen has expounded though that there had been 4.1-percent drop in revenues for its gas plants “due to lower average gas prices and lower dispatch.”

From January to September, the company reported revenues amounting to USD943 million on sold capacities from the gas-fed plants.

The company added that “the lower electricity generated was due to the damage incurred by Sta Rita’s 250MW Unit 40 main transformer last February 2014, which was re-commissioned in July 2014 after the installation of a new transformer.”

First Gen President Francis Giles B. Puno stressed that “despite setbacks like typhoon Glenda, there were significant positive developments” for the company this year.

He cited the commencement of full commercial operations of its 150MW Burgos wind power facility as well as the return to operation of its 130MW Bacon-Manito plant; plus the commissioning of the 49-MW Nasulo geothermal facility in this year’s third quarter.

These facilities coming on stream have been giving the Lopez firm heaved confidence that their financial performance will continue to be on the upturn next year.

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